S&P slashed Russia's debt to junk and says there are already 30 corporate 'fallen angels' as a resul

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result of the war.

Russia's invasion of Ukraine has come with a heavy price for the government. Western sanctions have isolated it from the international financial system and choked off demand for many of its key exports.

Sanctions have cut off Russia's access to much of its foreign reserves, threatening to plunge the country into default as it could struggle to meet its foreign debt payments. The ruble has plummeted to record lows and the country's stock market has been paralyzed for weeks.

S&P Global this week cut Russia's credit rating to "CC", which it defines as "default imminent with little prospect for recovery." Four years ago, almost to the day, the agency awarded Russia an investment-grade "BBB-" rating.

It's not just the government that will struggle to raise capital on the global market. Sanctions have thrown the future of many of its biggest companies into doubt. S&P Global said this week it had made 121 changes to the ratings of companies that cited the Russia-Ukraine war, rising energy prices, or both as reasons. Of that total, 77 were Russian.

https://www.msn.com/en-us/money/markets/s-p-slashed-russia-s-debt-to-junk-and-says-there-are-already-30-corporate-fallen-angels-as-a-result-of-the-war-here-are-5-charts-that-show-the-hit-to-russia-inc-s-creditworthiness/ss-AAVheC8